NEW YORK–Reinsurers are entering a hard market, a reinsurance company executive predicted yesterday, admonishing industry peers to get it right this time and to work to sustain whatever level of profits comes as a result of the market change.
"We talk about the soft market as if someone came in and put it there. But the fact of the matter is, the markets are us," said Anthony Kuczinski, chief executive officer of Munich Reinsurance America in Princeton, N.J.
"Markets get soft because of our actions, and they get hard because of our actions," he said after presenting historical data demonstrating that catastrophic events don't drive cycles.
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